Resident/Non-Resident LTC/CHL Choice... considerations.

[Texasgrillchef]

Something that happened to me, and a choice I had to make, thought I would let other people be aware. So a FYI story.

Residency status requirements vary from state to state. Even within a state the requirements for resident status will be different for different Universities and school systems, as well a state considerations for licenses, and for taxation.

Some states will acknowledge residency for mor then one state, while others will only. Accept you being a resident of one state at a time.

With that being said... I own property in Utah, I also keep a vehicle there registered with Utah plates. Prior to applying for a UTAH LTC, I did contact a lawyer.

Without much trouble I COULD have legally obtained a RESIDENT Utah LTC even though I am resident of Texas. All I would have to do is either change my TX DL to a Utah one, or obtain a Utah ID. Utah does recognize the capability to be a resident of more then one state. Texas does as well.

However the caveat, and the reason I chose to apply for a NON-Resident LTC.

That reason is known as it would have opened me up to be liable to pay Utah Income Tax. As a resident, even though I am retired, It is possible it could have made me liable to Pay Income tax for the state of Utah. Texas doesn’t have an income tax.

There is a legal example where a gentleman who lived in New Jersey, worked and had an apartment in NYC. Tax man came, he ended up with dual residences for NJ and NY and had to pay both states income tax. Now on a side note, he is eligible to at least apply in both NY and NJ for resident LTC.

I also own another property in another state as well. I could get a resident LTC there as well since they don’t issue non-resident LTC’s but then I would be liable to pay state income tax for that state as well, or there is a possibility I could be. Therefore not going to get that states LTC.

So before you go and apply for a resident LTC for a state other then your home state, consider the implications of it possibly opening you up to additional tax liability!

I am very thankful for the information the lawyer gave me BEFORE I applied..

 

[Robert]

Income tax issues are not on topic for THR. While the information was learned during research for a concealed carry permit, the information is more focused on tax issues and not firearms. As such it is off topic.

 

[Frank Ettin]

Note that the issue of state income tax is much more complicated than suggested by the OP and can be independent of carry permits.

I pay income tax in States I’m not a resident of (nor do I have carry permits in those States). In fact I pay income tax in States I’ve never even visited. I have investments which produce income in those States.

For tax advice consult a qualified tax professional.